A Production function tells you how much output you can produce for every combination of inputs.
An Isoquant is a curve that shows all possible combinations of input that yield the same output
Example of production function:
(Q = output L= Labor K = Capital)
Q = K + 5L
for the isoquant for example, using the production function above, we want to find which levels of input would yield Q = 20
20 = K + 5L
if K = 5, then L = 3 and if K = 10, then L = 2, your output would still be the same and that's your isoquant.
But for your production function your output can have different values so you'd have multiple isoquant curves and multiple isoquant curves already describe an isoquant map (Isoquant map - shows a number of isoquant curves in a single graph, describing a production function)
Hope my explanation wasn't too confusing...
Isocost is the locus of all combinations of factors of production the firm can purchase with a given monetary cost outlay. Isoquant is the locus of all the technically efficient methods or all the combinations of factors of production for producing a given level of output.
production function is relation between firm's production and material factors of production
An isoquant (derived from the Greek word 'iso' means 'equal' and 'quant' means 'quantity') is a contour line drawn through the set of points which consist of different combinations of Labour (L) and Capital (K) at which the same quantity of output is produced by changing the quantities of two or more inputs. In other words, isoquant shows all the input points required to produce same level of output. It represents the combinations of inputs that can produce same quantity of output; producers will be indifferent between them. A higher isoquant refers to a greater quantity of output and a lower one, to a smaller quantity of output. Hence it is also known as "Production indifference curve", or "Equal product curve", or "Isoproduct curve".
The former is related to the consumer problem whereas the latter comes from the producer problem. Consumer: What is the amount of goods to consume with his budget constraint This curve represents the combinations of goods between which the consumer is indifferent. Producer: What to produce with the given amount of productive factors. The isoquant shows the combinations of factors with which the firm get the same production.
All the combination of capital and labour that can be used to produce a given amount of output is called an isoquant.All the combinations of capital and labour that are available for a given cost is called an isocost.
Isocost is the locus of all combinations of factors of production the firm can purchase with a given monetary cost outlay. Isoquant is the locus of all the technically efficient methods or all the combinations of factors of production for producing a given level of output.
The primary difference between line function and staff function is accountability. Line functions are typically used for sales and production, while staff functions are used in production planning and marketing.
Product functionality is what it does. Product design is what it looks like/how it's built.
production function is relation between firm's production and material factors of production
A homogeneous production function exhibits constant returns to scale, meaning that doubling all inputs leads to an exactly doubled output. A non-homogeneous production function does not exhibit constant returns to scale and shows varying output levels when inputs are changed.
fundamental difference between a polynomial function and an exponential function?
the difference between production management and operation management?
An isoquant (derived from the Greek word 'iso' means 'equal' and 'quant' means 'quantity') is a contour line drawn through the set of points which consist of different combinations of Labour (L) and Capital (K) at which the same quantity of output is produced by changing the quantities of two or more inputs. In other words, isoquant shows all the input points required to produce same level of output. It represents the combinations of inputs that can produce same quantity of output; producers will be indifferent between them. A higher isoquant refers to a greater quantity of output and a lower one, to a smaller quantity of output. Hence it is also known as "Production indifference curve", or "Equal product curve", or "Isoproduct curve".
Production function refers to the functional relationship between (physical) input and (physical) output
The production function is a unit of measurement used in economics. The function measures the relationship between the quantities of productive factors and the amount of product obtained.
The former is related to the consumer problem whereas the latter comes from the producer problem. Consumer: What is the amount of goods to consume with his budget constraint This curve represents the combinations of goods between which the consumer is indifferent. Producer: What to produce with the given amount of productive factors. The isoquant shows the combinations of factors with which the firm get the same production.
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